Standard & Poor's Ratings Services assigned its 'A' rating to New York City's $500 million GO bonds fiscal 2004 series E and affirmed its 'A' rating on the city's $29 billion of outstanding parity debt, reflecting: The city's substantial and diverse economic base, which is slowly recovering from the recent national recession and economic repercussions of the Sept. 11 terrorist attacks; A well-managed financial program that has proactively responded to record budget gaps; and A high debt burden by all measures. The series E bonds are scheduled to price on Oct. 23. The city's outlook was revised to stable from negative in May 2003 following the funding package negotiated with New York State that provides recurring revenue, state aid, and...
Companies mentioned in this report are:
- New York City
Action: New Rating
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